Treaties: Footloose and Duty Free

Footloose and Duty Free

While talk of global protectionism has been grabbing headlines recently, last week brought a striking example of trade peace. In Washington, American and Israeli officials signed an agreement to remove all duties and other barriers to commerce between the two nations by 1995. The accord was the first of its kind between the U.S. and a foreign country. Said William Brock, the outgoing U.S. Trade Representative: "This is a precedent-setting agreement reflecting the Reagan Administration's commitment to free trade with all nations." The White House, which hopes that the agreement will encourage a loosening of trade restrictions around the world, approved...